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(a) Normal retirement benefit. The amount of monthly retirement benefit to be provided for each participant who retires on his or her normal retirement date (which benefit is herein called his or her normal retirement benefit) shall be equal to:
(1) Fifty percent of the final monthly average salary at retirement, plus
(2) 1/40th of the above pension amount multiplied by each full year of service after twenty years of service but earned prior to age sixty-five (not to exceed three hundred dollars ($300.00) per month) ("service increment").
(c) Relationship to social security. No change in the Social Security Act after the date of a participant's separation from service shall affect the benefits as described under this plan.
(Ord. 07-09. Passed 4-16-09; Ord. 01-15. Passed 2-19-15.)